Letting Agent Regulation 1st May 2017
A few months ago I wrote a newsletter article on letting agent regulation. Things have moved on since then, with The Letting Agent Code of Practice Regulations coming into force in January 2018.
This has largely been driven by the massive growth in the Private Rented Sector (PRS) and a longstanding need to drive up standards across the industry. The Key Place embraces the change as it is raising standards across the industry as a whole; something which is long overdue. Letting agent regulation is being introduced to ensure that agents meet a minimum standard of service offering and that they are sufficiently trained in order to have the right skills to do the job.
A code of practice for letting agents (The Letting Code of Practice (Scotland) Regulations 2016) sets out the required standards for letting agents in Scotland with regard to how they manage their business and provide their services. A Register of Letting Agents will be introduced in 2018, to which all agents must sign up. Regulation also addresses obligations for holding money in a dedicated client account, belonging to a Client Money Protection Scheme and holding professional indemnity insurance.
In preparation for the letting agent regulation, The Key Place has been reviewing procedures, and has invested heavily in implementing new procedures where necessary, along with staff training. As part of this process The Key Place is refreshing its terms and conditions. Please look out for this arriving in the post in due course. We would like to stress that there are no changes in the T&Cs to any of your fee structures – your fees will remain exactly as is.
The Key Place is a member of lead industry bodies, and we are therefore fully aware of all regulatory and legislative requirements as they are introduced. We update our landlords as these come into play, and pass on relevant information or action any necessary works on your behalf.